By: Doug Rosen
This pair finds itself caught up in between long term resistance and short term support. On the daily we have reached a 38.2 Fib to the downside overlapped with the 233 ema and the 5 ema pushing price down, yet the Stochastics is in the oversold beginning to cross up. Looking at the 4 hour chart price looks bullish because the 5 ema has crossed above the 13 and is crossing the 21 ema's and price has pushed its way above the monthly M2.
Looking at the hourly chart price is clearly riding above the 5 ema, the upper Bollinger band is pointing up a bit but price is currently lodged up just below the weekly S1 and the 144 ema. This could be a tough fight zone to deal with.
Looking at the 15 minute price has been coasting up the ema's and has broken but now retesting yesterdays high. At the time I am writing this analysis the 15 minute 21 is overlapped with the daily M3 and a 38.2 fib level to the upside so bullish conditions due appear. My bias on this pair continues to be bullish but we are certainly in the midst of a fight zone between long and short term charts.
